Outotec has announced that it will cut 500 jobs globally as it seeks to slash $71 million in costs.
The mining minerals processing equipment and technology manufacturer has introduced a program to improve its costs and”to secure the future profitability in an uncertain market environment,” it said in a company statement.
“The efficiency improvement program is targeting up to EUR 50 million (AUD 71 million) annualised savings in operational costs by the end of 2014 compared to the Q3/2013 situation,” it said.
As part of this cost saving drive it is looking “the resourcing needs and restructuring opportunities in its locations worldwide”.
“The company will start employee co-operation negotiations about possible reduction of workforce with the entire personnel,” it stated.
It is looking a maximum reduction of 500 personnel, or 10 per cent of its workforce.
Approximately 60 of these will be from its Finland office.
The job cuts will start later this year, and end around mid 2014.